trending Market Intelligence /marketintelligence/en/news-insights/trending/eMjYOczhJTvqsmNxw3z4Jg2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

S&P changes Astoria Energy outlook to negative

Q2: U.S. Solar and Wind Power by the Numbers

Essential Energy Insights - September 17, 2020

Essential Energy Insights September 2020

Rate case activity slips, COVID-19 proceedings remain at the forefront in August

S&P changes Astoria Energy outlook to negative

S&P Global Ratings on Dec. 26 changed its outlook on Astoria Energy LLC to negative from stable given continued pressure on power and capacity prices in New York.

Astoria owns a 620-MW combined-cycle, natural gas-fired power plant in Queens County, N.Y.

The revision is based on S&P's expectation that lower power and capacity prices in the New York Independent System Operator Zone J could continue to pressure Astoria's revenue and impede its ability to pay down debt, resulting in a minimum debt service coverage ratios below 1.7x throughout the life of the asset.

The market volatility is driven by weak gas prices, mild weather and weaker-than-expected demand growth, the rating agency said.

S&P, however, affirmed its BB- rating on Astoria with a recovery rating of 1, reflecting its expectation for "very high recovery" in the event of default.

Astoria is owned by a consortium of sponsors, including ENGIE SA, MyPower Corp., JEMB Family LP/Harbert Management Corp. and Energy Investors Fund.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.